Image Credit: Minerva Bunkering

Minerva Bunkering is among the largest physical suppliers of marine fuel in the world.

Minerva sold about 16.2 million mt of bunkers in 2025, compared to about 15.9 million mt in 2024 and 16.3 million mt in 2023. About 80% of the firm's volumes are understood to come from physical supply.

Commodity Giant Backing

The company was founded in 2014 - at that time under the name Minerva Bunkers Pte Ltd - as the 100% owned marine fuel trading unit of Geneva-based commodity trading firm Mercuria Energy Group. At that time the company had teams in Singapore, Las Palmas and Geneva.

Mercuria had initially focused on energy trading after its founding in 2004, but quickly expanded to cover a wide range of commodity markets and became one of the best-known names in this space, with profits of $1.3 billion in the 2024-25 financial year.

Minerva's role was significantly expanded in 2018 with the acquisition of Aegean Marine Petroleum, which had earlier been the world's largest physical bunker supplier. Aegean was integrated into Minerva the following year.

Minerva saw another notable expansion in 2024 with the acquisition of Bomin Group from Mabanaft, adding to its footprint in the Americas with Bomin's physical supply operations in Houston, Norfolk, Panama and Ecuador.

The company now trades marine fuels for delivery at more than 150 ports around the world, and has physical supply operations covering more than 30 ports.

In 2021 Minerva founded ADP Clear, a marine fuel digitalisation start-up that provides real-time transparency in bunker deliveries using mass flow meters, and ADP has since been spun out into an independent entity within the Mercuria group.

Both Minerva and ADP are founding members of the Bunkering Services Initiative at the ARA hub, in which a range of marine fuel stakeholders came together in a group in 2025 committing to higher standards through a fully transparent, digital and MFM-backed marine fuel service.

Minerva Bunkering's CEO is Tyler Baron, based in Geneva at the company's headquarters. The firm also has offices in Rotterdam, Athens, Rio de Janeiro, Dubai, Hamburg, Houston, Tokyo, Las Palmas, New York, Panama City, Singapore and Vancouver.

2025 Developments

In April 2025 Minerva announced it had deployed a 113,000 m3 capacity floating storage unit at Saudi Arabia's port of Jeddah. The FSU is supporting Minerva's regional bunkering capabilities by receiving bulk cargo, conducting onboard blending, and transferring fuels to its bunker tankers for delivery.

In November 2025 the company also added the barge MT Mars to its Las Palmas operations, signed a 15-year extension of its terminal concession at the port and signed a letter of intent with the port authority exploring the development of 'a new terminal aligned with the energy transition'.

2025 also saw an increase in the company's sales of biofuel bunker blends, with agricultural commodities firm Seaboard Overseas Limited taking on biofuels for the first time with Minerva's support.